Category: Wyly Charles

Sept. 29 — Samuel Wyly and the estate of Charles Wyly must pay a total of $188 million plus prejudgment interest based on taxes they would have paid on profits from offshore trusts (SEC v. Wyly, S.D.N.Y., No. 1:10-cv-05760, 2014 BL 267268, 9/25/14). Judge Shira A. Scheindlin issued an order...

The Securities and Exchange Commission wants to make an example of two Texas brothers found by a jury at a civil trial to have acted fraudulently to evade taxes, but a defense lawyer said Wednesday that the more than $750 million sought by the government is “hotly contested.” A Manhattan...

Samuel and Charles Wyly used a web of offshore trusts to illegally hide their stock holdings and evade trading limits, a jury found, leaving Samuel Wyly and his brother’s estate potentially liable for as much as $550 million. The panel of eight women and four men today delivered the verdict...

Texas businessman Sam Wyly told jurors on Wednesday he relied on the advice of his former lawyer in determining whether he needed to disclose stock holdings in offshore trusts at the center of a fraud case brought by the U.S. Securities and Exchange Commission. Wyly, who took the stand for...

Texas tycoons Sam and Charles Wyly employed a labyrinthine system of offshore trusts to conceal stock trades in four companies on whose boards they sat, netting themselves more than $550 million in undisclosed profits, a U.S. government lawyer told a federal jury on Thursday. “This is a case about lies,...